Živković Samardžić's dispute resolution team recently secured a significant victory at the Supreme Court of Cassation, representing Vojvodjanska banka a.d. Novi Sad, a member of the National Bank of Greece Group, in a case involving a bank guarantee.

The case stemmed from civil proceedings related to a USD 3 million loan provided by Moscow Investment Bank to the Serbian petrochemical plant HIP Pančevo, for which Vojvodjanska banka’s legal predecessor issued a guarantee. PFHC Establishment, a Liechtenstein-based company to which the loan receivables were assigned, sued Vojvodjanska banka, claiming the guarantee should be returned.

The dispute arose when Moscow Investment Bank initially returned the original guarantee, claiming the transaction was complete, but later sent a SWIFT message requesting its return, alleging an employee's mistake.

In 2010, the Commercial Court in Pančevo dismissed PFHC’s claims, but the Commercial Appellate Court overturned this decision in 2013, ordering a retrial. Živković Samardžić represented Vojvodjanska banka from the retrial's outset. In September 2015, the Commercial Appellate Court upheld the favorable first-instance ruling, which was subsequently confirmed by the Supreme Court of Cassation.

The Supreme Court agreed with Živković Samardžić’s argument that Moscow Investment Bank's SWIFT message did not comply with the required form for interbank communication regarding bank guarantees and thus held no legal validity.

The Živković Samardžić team consisted of partners and associates from our Dispute Resolution Department.